- The market has been moving within a bearish channel since the beginning of December 2023, prices are therefore following a bearish trend in the medium term.
- Since the last impact on the bottom of the channel at $436.30, investor appetite has clearly returned, leading the market to a strong rebound. This change in sentiment was also confirmed on the DMI indicator, which now shows strong buying pressure still increasing, within an increasingly directional movement.
Additionally, both the 21- and 34-period exponential moving averages are currently registering a bullish crossover, for the first time since the start of the downtrend.
- The next potential target of $458.10 (38.2% Fibonacci) is currently in sight for the market. That said, the behavior of technical indicators also allows us to envisage an extension of the upward movement outside the bearish channel, towards the 50% Fibonacci at $464.85, with $461.15 as intermediate resistance.
This scenario must however be confirmed by a clear break of $458.10
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the last impact on the bottom of the channel at $436.30, investor appetite has clearly returned, leading the market to a strong rebound. This change in sentiment was also confirmed on the DMI indicator, which now shows strong buying pressure still increasing, within an increasingly directional movement.
Additionally, both the 21- and 34-period exponential moving averages are currently registering a bullish crossover, for the first time since the start of the downtrend.
- The next potential target of $458.10 (38.2% Fibonacci) is currently in sight for the market. That said, the behavior of technical indicators also allows us to envisage an extension of the upward movement outside the bearish channel, towards the 50% Fibonacci at $464.85, with $461.15 as intermediate resistance.
This scenario must however be confirmed by a clear break of $458.10
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.